Announcement Date: 2022-03-15
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Sovereign Metals Ltd.
Project name: Kasiya
Location: Malawi
Commodities: Graphite,Rutile
Highlight: Drilling results incl. 11.0m @ 1.06% , 1.34% from 0.0m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) is pleased to report results from its H2 2021 drilling program at Kasiya-Nsaru, the Company’s flagship, very large, high-grade rutile deposit in Malawi. The results, including numerous spectacular intercepts, will underpin the pending Mineral Resource Estimate (MRE) upgrade which is expected to significantly increase in both the Indicated and Inferred categories. The most recent core and auger drilling has now expanded the total mineralised envelope to 165km2 , up 28%. The previous MRE included just 49km2 of the mineralised envelope, hence significant resource tonnage growth can be expected. Sovereign now has a total of ~165km2 of drilled, high-grade rutile mineralisation with the latest results succeeding in joining Kasiya and Nsaru into a single deposit (Figure 1). Rutile mineralisation lies in laterally extensive, near surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. The Kasiya-Nsaru deposit is expansive with high-grade mineralisation commonly grading 1.2% to 2.0% rutile in the top 3-5m from surface. Moderate grade mineralisation generally grading 0.5% to 1.2% rutile commonly extends from 5m to end of hole where it remains open at depths >10m in numerous areas.
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